Contract Research Organization (CRO) Market Analysis
The global contract research organization market is predicted to grow at an 11.48% CAGR over the forecast period (2014-2023), states the latest Market Research Future (MRFR) report. A contract research organization or CRO, simply put, is a service organization which offers support to biotechnology and pharmaceutical industries as outsourced pharmaceutical research activities including both medical devices and drugs. Some of the key services offered by contract research organizations include clinical research, clinical trials management, commercialization, pharmaceutical and biopharmaceutical development, biologic assay development, and preclinical research. Such organizations also offer support to various government organizations, academic institutes, research organizations, among others.
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Various factors are propelling the contract research organization market growth. Some of these factors, according to the Market Research Future report, include increased outsourcing of research and development activities, a growing number of clinical trials, rising cost of drug development, increasing investment in clinical research and life sciences, and growing research and development expenditure. Additional factors pushing market growth include extensive drug pipelines for treating various chronic diseases including neurological disorders, metabolic disorders, and immunological disorders, rising research and development investments from pharmaceutical companies, low cost to conduct clinical trials in emerging countries, and an increasing failure rate of drug clinical trials.
On the contrary, the scarcity of skilled research professionals and strict regulation for the approval of biopharmaceutical and pharmaceutical drugs are factors that are likely to impede the contract research organization market growth over the forecast period.
Contract Research Organization (CRO) Market Segmentation
The MRFR report offers a wide segmental analysis of the contract research organization market on the basis of segment, end users, and clinical trial phase.
Based on segment, the contract research organization market is segmented into post-marketing services, drug discovery, clinical development, and others. Of these, the clinical development segment will have the largest share in the market over the forecast period.
Based on the clinical trial phase, the contract research organization market is segmented into phase I, phase II, phase III, phase IV, preclinical trials, and others.
Based on end users, the contract research organization market is segmented into academic institutes, pharmaceutical/biotechnology companies, medical devices companies, and others. Of these, the pharmaceutical/biotechnology companies’ segment will dominate the market over the forecast period.
Contract Research Organization (CRO) Market Regional Analysis
By region, the contract research organization market report covers the latest trends and growth opportunities across Europe, North America, the Asia Pacific, and the Middle East and Africa. Of these, the Americas will lead the market over the forecast period. This is owing to the presence of a huge patient population, a robust healthcare sector, growing healthcare costs, and altering lifestyles. Canada as well as the US are the leading contributors in this region.
The contract research organization market in Europe will have the second-largest share in the market over the forecast period. This is owing to the availability of funds, huge patient population, rising healthcare expenses, and government backing for R&D activities.
The contract research organization market in the APAC region is predicted to grow at the fastest pace over the forecast period due to the presence of a massive patient population coupled with constantly developing economies namely China as well as India that have increasing per capita healthcare expenditure.
The contract research organization market in the Middle East and Africa will have a small share in the market over the forecast period. This is due to the presence of a poor economy, especially in Africa, on account of severe government policies and low per capita income.
Contract Research Organization (CRO) Market Analyzed by Key Players
Leading players profiled in the contract research organization market report include
- ICON plc
- PAREXEL International Corporation (US)
- Pharmaceutical Product Development
- PRA Health Sciences
- Laboratory Corporation of America Holdings.
- INC Research LLC
August 2019: Saama Technologies has acquired Comprehend Systems. The Clinical Intelligence Platform of Comprehend helps to support the needs of CROs through analytics as well as constant data aggression. It also enables contract research organizations in adhering to ICH E6(R2).
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